📝 What This Document Is

This is an 8-K filing, also known as a Current Report. Essentially, it's a mandatory filing that tells investors and the public about important, material events that happened at Halliburton Company (HAL) since the company's last major report. This filing serves as a detailed quarterly update, summarizing their financial results for the first quarter of 2026 and highlighting key operational achievements and future plans.

👉 What to expect: You will find a deep dive into their revenues, costs, and specific operational performance across different segments and geographies, plus details on new technology launches.

🏢 What Halliburton Does

In simple terms, Halliburton is a global energy services giant. They don't actually find oil or gas themselves; instead, they provide the specialized tools, services, and technology that oil and gas companies need to successfully extract the energy from the earth. They help maximize the value of assets throughout their entire life cycle.

👉 How they make money: They earn revenue by providing specialized services, including drilling, evaluating subsurface resources, and completing wells. The company was founded in 1919 and maintains a massive global footprint.

💰 Overall Financial Results for Q1 2026

This section summarizes Halliburton's top-line financial performance, comparing the first quarter of 2026 to the same period last year. While some key areas showed growth, the numbers reflect mixed performance influenced by market conditions and geopolitical events.

• Total Revenue: The company reported total revenue of $5.4 billion in Q1 2026. This figure was flat when compared to the $5.4 billion earned in the first quarter of 2025. This flatness suggests market stabilization, but no major growth momentum year-over-year.
• Net Income: Net income was $461 million, or $0.55 per diluted share. This is a significant year-over-year increase compared to the $204 million, or $0.24 per diluted share, recorded in Q1 2025. The increase in net income shows improved profitability despite flat overall revenue.
• Adjusted Net Income: When excluding impairments and other charges, adjusted net income was $517 million, or $0.60 per diluted share in Q1 2025. The fact that adjusted net income is higher than the GAAP net income is common, as it removes one-time costs to show core operational profitability.
• Operating Income: Operating income reached $679 million in Q1 2026. This was a notable increase from the $431 million reported in Q1 2025. This jump highlights strong cost management or efficiency improvements relative to the prior year.

🗣️ Management Outlook and Commentary

Jeff Miller, the Chairman, President, and CEO, provided commentary that highlights the company's resilience and focus on long-term shareholder value. He expressed optimism about the recovery trajectory, while remaining cautious about external disruptions.

• Optimism in North America: Mr. Miller stated, “In North America, I see clear signs that we are in the early innings of a recovery.” This signals that management believes the region is at the start of a positive cyclical recovery, which is key for investor confidence.
• International Resilience: He noted that international performance “outpaced disruptions from the Middle East conflict.” This is a positive internal narrative, suggesting the company’s global operations are managing external, geopolitical risks effectively.
• Focus on Discipline: He concluded by emphasizing, “I expect that our consistent focus on returns and capital discipline will drive long-term success.” This is a direct message to shareholders, reassuring them that the company is financially disciplined and committed to paying returns.

⛏️ Segment Deep Dive: Completion and Production

This segment covers activities related to completing wells (making sure they can produce) and handling the output. Performance here was challenged by lower activity in key North American areas.

• Revenue: Revenue was $3.0 billion in Q1 2026, marking a 3% decrease of $104 million compared to Q1 2025. This decline shows slowing demand for core well-completion services.
• Operating Income: Operating income fell by 17% (or $92 million) compared to Q1 2025. This decline signals that the drop in service activity was hitting the bottom line significantly.
• Drivers of Decline: The primary causes were identified as lower stimulation activity in North America, lower completion tool sales, and decreased pressure pumping services in the Middle East. Knowing the specific causes helps analysts predict where the operational risk lies.
• Mitigating Factors: The segment was partially supported by higher completion tool sales in the Western Hemisphere and improved pressure pumping services in Africa.

🛰️ Segment Deep Dive: Drilling and Evaluation

This division handles the core service of drilling and subsurface evaluation. Despite some regional slowdowns, this segment demonstrated solid growth, particularly in Latin America and Europe.

• Revenue: Revenue reached $2.4 billion in Q1 2026, an increase of 4% (or $89 million) compared to Q1 2025. The revenue increase confirms that drilling and evaluation services remain a strong, growing core business for the company.
• Operating Income: Operating income was $351 million, which remained flat compared to Q1 2025. While revenue grew, the operating income being flat suggests increased costs of goods sold or operational expenses were offsetting the revenue gains.
• Growth Drivers: This growth was driven by higher project management activity in Latin America, and increased drilling-related services in Europe and the Western Hemisphere. This points to successful engagement in complex, high-value international projects.

🌎 Regional Performance Snapshot

Halliburton's performance is highly geographically diverse. The report details that global performance was mixed, with significant growth in some regions counterbalancing declines in others, especially due to the Middle East conflict impact.

• North America: Revenue was $2.1 billion, a 4% decrease compared to Q1 2025. The main reasons cited for the decline were lower stimulation activity and decreased artificial lift activity in US Land. This decline underscores sensitivity to local energy market cycles.
• International: Total International revenue was $3.3 billion, showing a solid 3% increase year-over-year. This positive growth was driven primarily by regional gains.
  • Latin America: Experienced strong growth, with revenue increasing by 22% year-over-year (totaling $1.1 billion). This boost was attributed to higher activity across multiple product service lines in places like Ecuador, the Caribbean, and Brazil. Latin America appears to be a major growth engine for the company right now.
  • Europe/Africa: Revenue increased by 11% year-over-year (totaling $858 million), boosted by increased drilling-related services in Norway and improved services in Angola.
  • Middle East/Asia: This region saw a notable decline, with revenue dropping 13% year-over-year (totaling $1.3 billion). This decline is directly attributed to the geopolitical conflict impacting multiple services in Saudi Arabia and Qatar.

🚀 Strategic Technology Launches & Innovations

Halliburton utilized this report to showcase several advanced products and partnerships. These launches demonstrate the company's commitment to adapting to the energy transition and complex modern drilling needs.

• HyperSteer™ MX Directional Drill Bit: This is an industry-first shankless matrix-body bit designed to maximize directional control and durability. It is engineered to perform reliably in abrasive, high-flow environments, promising longer runs and fewer operational trips.
• XTR™ CS Injection System: This innovative wireline-retrievable safety valve solution is specifically engineered for CO₂ injection used in carbon capture, utilization, and storage (CCUS). Its non-elastomeric design minimizes leak paths and does not rely on hydraulic operations, increasing reliability.
• RangeStar™ Geothermal Service: This new offering is part of a family of magnetic ranging services designed to support the booming geothermal energy market. It improves accuracy and speed, reducing the decision time for well placement from hours to minutes and supporting detection distances up to 130 meters.
• Next-Generation Energy Xccelerator Joint Lab: Halliburton partnered with A*STAR (Singapore's research agency) and the Singapore Economic Development Board on this joint lab. The goal is to accelerate the commercial development of advanced well completion technologies for the energy industry.
• ExxonMobil Guyana Collaboration: The company delivered a major milestone in deepwater construction with ExxonMobil Guyana, Sekal, and Noble. They achieved the deepwater industry's first fully automated geological well placement, combining rig automation, automated subsurface interpretation, and real-time hydraulics. This signals a major push toward digital transformation and automation in the oilfield.

💼 Financial Actions and Capital Allocation

Beyond core operations, Halliburton reported several financial activities related to its balance sheet and shareholder returns.

• Share Repurchases: During Q1 2026, Halliburton repurchased approximately $100 million of its common stock. Share repurchases are a way for the company to return capital to shareholders and typically helps support the stock price.
• Dividends: The company paid dividends of $0.17 per share.
• Internal Investments: Halliburton spent $42 million on the SAP S4 migration. This is a significant investment in its internal technology infrastructure, suggesting an upgrade to its core enterprise resource planning (ERP) systems.

📞 Contact Information and Investor Relations

For those looking to follow up on the results or need more detailed information, Halliburton has provided clear contact points for both investors and media.

• Investor Relations: David Coleman can be reached at [email protected] or 281-871-2688.
• Media Relations: Alexandra Franceschi can be reached at [email protected] or 281-871-2601.

🧠 The Analogy

Think of Halliburton's entire business like being the master mechanic for the planet's most complicated machine—the oil and gas well. They don't sell the car (the oil); they sell all the highly specialized, high-tech tools and services needed to keep the car running, from optimizing the engine (drilling) to installing the transmission (completion). When one part of the global market slows down (like North America), they pivot by making their specialized parts better or finding a new market (like geothermal energy in Europe).

🧩 Final Takeaway

Halliburton’s Q1 2026 results show a global recovery in parts of Latin America and Europe, which helped boost profits. The company is strongly prioritizing technological leadership—from automation projects like those in Guyana to developing green tech like geothermal and CCUS systems—to navigate the shift away from traditional fossil fuels.